We’ve been talking about the 5 Ways to significantly increase profits. The second of the 5 Ways is improving your conversion rate. Conversion rate is one of the easiest things on which to affect change.
When somebody has raised their hand and expressed interest in a product or service, how do you convert them into a customer? Hopefully, the answer isn’t that the owner goes and talks to them and sells the product or service. While that may be fine when a business is first starting, at some point the owner can’t (and shouldn’t) do everything. The owner needs to be able to pass that on to somebody else. And there’s ways to do that.
Let’s say you have a few employees, including someone who answers the phone. View everyone as a salesperson, even the receptionist. We never really thought of the receptionist as a salesperson, but they’re answering the phone and there are leads on the other end of that phone. Guess what? They’re a salesperson. Is everybody answering the phone same way? Start measuring it. Is everyone saying the same thing? Is there one person that is converting more leads into customers than somebody else? If there is, how is that person doing it? What is that person saying that is different than other people? Measure everything.
At ActionCOACH, we have over 80 different tried and true practices of ways to improve your conversion rate. Now, will all of these strategies work for your business? No. Find the ones that work well for your business and then you have to test them and measure. Make sure they are working and then refine them. Continuously improve them. Make sure that you are continuously getting better at every stage of the game.
With over 80 different strategies, can you find a strategy that’s going to improve your conversion rate 10%? Most likely. Almost certainly, really. Just the act of measuring your conversion rate will most likely effect change, especially if you have two or more people working on it. Instill a little bit of a competition, which is going to be a good thing.
Can you affect change? Yes. Can you improve your Conversion Rate 10%? Almost certainly, you can. By using strategies to make that change. And when you make small changes in each of the 5 ways, the conversion rate being the second one, then ultimately it has a dramatic effect on the bottom line. If you make a 10% change in each of the 5 Ways, it’s a 61% increase in your profit. That’s huge. What’s that worth to you and your business? That’s highly valuable.
The conversion rate is one of the things that you can effect change on quickly and usually easily with little to no cost. Just changing how somebody answers the phone doesn’t cost anything. (Remember McDonald’s asking, “Do you want fries with that?”) It doesn’t take much time to write a script and implement it. So, it’s something that can have a pretty dramatic effect on the overall success of your business.
So, get going on your testing and measuring to find strategies that work for your business to improve your conversion rate, gaining more customers and clients than ever.